The founder and partner at Morgan Creek Digital, Anthony Pompliano addresses the next step for the cryptos, mass adoption which has been pushed further as the Ohio State announced accepting bitcoin as a way to pay the taxes. Pomp states that the gesture has made the cryptos to come out of the unofficial stance to a full time payment method for taxation. Though the cryptos have not turned to the success we want it to be, as Pompliano puts, the “virus” is definitely spreading out as people grasp a better perception of the entire digitalized asset system. BlockPublisher reached out in order to extract some remarks from Pomp himself who was overjoyed with how things have eventually shaped up for the cryptos.
The crypto virus is spreading like wildfire as the the Ohio State has now announced to accept Bitcoin as a payment option for taxes.
The process has been well orchestrated in order to extract a US dollar equivalent money out of the digital wallet of the tax payer. The digital currency would be converted into the US dollars by the payment processor eventually dumping the dollars into the tax reserves for the state. This is a major step ahead from the humble beginnings of the crypto when all people thought of it was just a mere hype of the decade or so. Though we are way pas that stage, the values of the crypto platform still remain intact big time which is exactly what keeps the digital currencies on the prosperity track.
As Pomp suggested the remarks over the recent breakthrough, there were haters who deemed this milestone as just a mere exchange where people will transfer their bitcoins to US dollars in order to pay taxes. Pomp corrected such statements that the tax agencies are accepting bitcoins, exchanging those with US dollars themselves after which the resultant is deposited into the reserve.
So they are accepting Bitcoin and choosing to convert it to US dollars via their payment processor. Still accepting Bitcoin.
Pompliano admits that this is certainly not the way we want the digital currencies to operate in a country but he take side with the authorities that they are at least trying on their part to give cryptos the benefit of the doubt for once.